Judgment Search Results Home > Cases Phrase: income tax act 1961 section 35cc omitted Court: income tax appellate tribunal itat indore Page 1 of about 49 results (0.112 seconds)

Dy. Cit Vs. Rahul Products Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

..... 's case (supra) and held that under section 68 of the income tax act, income tax officer has jurisdiction to make enquiries with regard to nature and source of sum credited in the books of account of the assessee and it is immaterial as to whether the amount so credited is given the colour of loan or a sum representing ..... 000 under section 68 of the income tax act. ..... 000 under section 68 of the income tax act.4. ..... the use of the words any sum found credited in the books in section 68 in case that section is very widely worded and the income tax officer is not precluded from making an enquiry as to the true nature and source of a sum credited in the account books even if it is credited on receipt of share application ..... any witness, to enable him to dispose of the appeal, or for any other substantial cause including the enhancement of the assessment or penalty (whether on his own motion or on the request of the assessing officer under clause (a) of sub-section (1) of section 251 or the imposition of penalty under section 271 considering the above rule 46a, the commissioner (appeals) should have given opportunity to the assessing officer to verify the facts stated in the affidavits. ..... acknowledgement slip and balance-sheet if they are income-tax payees.out of ten letters, six letters came back unserved with the remark 'not known' 'not ..... but if the income tax officer found that the alleged shareholders did not exist, then, in effect, it would mean that there is no valid issuance of share .....

Maya Spinners Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

..... in the case of rajesh kumar and others 287 itr 91 in which it was held (head note): assessment-special audit of accounts-nature of direction for special audit-not administrative-is of quasi-judicial nature-notice to assessee to be given-income-tax act, 1961, sections 136, 142(2a), (3), 158bc.ld. ..... 2 itj 266 in which it was held [head note]: assessment - under section 153 of the income-tax act, 1961 -whether the assessment barred by the limitation of time is valid under the law? ..... ) the period (not exceeding sixty days) commencing from the date on which the assessing officer received the declaration under sub-section (1) of section 158a and ending with the date on which the order under sub-section (3) of that section is made by him, or (v) in a case where an application made before the income-tax settlement commission under section 245c is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which such application is made and ending ..... to the assessee to be reheard under the proviso to section 129, or (ii) the period during which the assessment proceeding is stayed by an order or injunction of any court, or (iii) the period commencing from the date on which the assessing officer directs the assessee to get this accounts audited under sub-section (2a) of section 142 and ending with the date on which the assessee furnishes a report of such audit under that sub-section, or (iv) omitted by the direct tax law (amendment) - act, 1987, w.e.f. .....

Asstt. Commissioner of Incometax Vs. Mupnar Films Limited

Court : Income Tax Appellate Tribunal ITAT Indore

..... cost-foreign exchange-increase in value of asset due to fluctuation in rate of foreign exchange-depreciation allowable on such increase-income-tax act, 1961, sections 32,43a.23. ..... the case of padamjee pulp and paper mills limited; 210 itr 97 held- that in view of section 43a of the income-tax act, 1961, the additional liability amounting to rs. ..... the assessee vide its reply dated 15^th march, 1994 and 18^th march, 1994 replied as under: as per section 43a of the i.t.act 1961 where an assessee has acquired any capital asset from abroad for the purpose of his business, on credit or on deferred payment terms, or against a loan in foreign currency and the whole or part or cost ..... court in the case of arvind mills limited (supra) and other decisions of various high courts relied upon by the ld.counsel for the assessee, we are of the view that in view of section 43a of the incomelax act, the assessee is entitled to add the additional liability incurred in the previous year due to foreign exchange fluctuation to the actual cost of the asset even though it did not make the payment ..... be added/reduced to actual cost of the asset irrespective of the fact whether it was paid actually in the previous year relevant to the assessment year under appeal we may mention that section 43a was substituted by the finance act, 2002 with effect from 1.4.200.3 whereby any adjustment towards liability due to foreign exchange fluctuation is to be made only on actual payment by the assessee towards the cost of the .....

Dewas Silk Mills Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)92TTJIndore481

..... 1992-93 stating as under : "with reference to your query about new loans introduced during the year under review, we would like to bring to your kind notice that the case was selected for scrutiny under section 143(3) of income tax act.details of all loan introduced with their confirmations, gir number, statement of income and income-tax return are already on record, vide our letter dated 24-3-1993. ..... the basis for invocation of revisional provision by the learned cit, in his words, is as "perusal of the record indicates that without conducting proper enquiries, proceedings initiated under section 148 of the income tax act were dropped for all the assessment years on 7-2-2000 by order sheet entries under d&cr no. ..... as regards the submissions that the order has not been communicated, it is stated that before passing of order under section 263 of the income tax act, even this compliance has been made and order sheet entries vide which proceedings were dropped under section 148, were communicated on 8-3-2000 and thereafter, the matter was discussed with the assessee's counsel before passing this order under section 263. ..... the facts are that in these cases, a survey under section 133a of the income tax act was conducted in september, 1996, i.e. ..... hence, the all cash credits are genuine and should not be added to our income under section 68 of the income tax act. ..... hence, the above cash credits should not be added to our income under section 68 of the income tax act. .....

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

..... it is a case of assessment year 1992-93, but we find that the provisions of section 44ad of the income-tax act, 1961, have been inserted into the income-tax act, 1961, with effect from 1.4.1994 provided in sub-section (1) special provision for computing profits and gains of business of civil construction. ..... for the assessee submitted that the decision of hon'ble madhya pradesh high court in the case of kamal textiles and others, 189 itr 339, deals with the proposition laid down in section 143(l)(a)(i) of the income-tax act, 1961, and as such it cannot be applied in the case of the assessee on the referred question, which falls in different categories of provision of section 143(l)(a)(ii) of the income-tax act, 1961. ..... question referred to the special bench was decided in favour of the revenue by holding that notice issued by the assessing officer in this case under section 143(2) of the income-tax act, 1961 (hereinafter referred to as the "act" ) after issue of the refund to the assessee was valid. ..... the ld.counsel for the assessee submitted that if the legislature omitted particular phrase in the statute, then the court should not fill the gap in the ..... 2) act of 1991 with effect from october 1,1991, and subsequently with effect from june 1, 1994, by the finance act, 1994, and ultimately omitted with effect from june 1, 1999, by the explanation as introduced by the finance ..... according to him, such words were omitted from sub clause (ii) and this fact has not been appreciated by the .....

income Tax Officer Vs. Shreejee Chitra Mandir

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)98TTJIndore935

..... the return filed by the assesssee, this amount was shown as a capital receipt but the commissioner of income-tax invoked the powers available under section 263 of the income-tax act, 1961 for enhancing the assessment. ..... case (supra) and as per head note held as under: "held that the income from winnings of horse races is taxable under the head "income from other sources", in view of the definition of "income" in section 2(24)(ix) of the income-tax act, 1961. ..... 'grant-in-aid' shall be given to the proprietors of such newly constructed cinema houses:- (a) the towns of the state having population 1,00,000 or more, where the sum of money equal to the entertainment duty and additional tax (if any) be paid by him for one year from the date of commencement of exhibition in newly constructed cinema houses; (b) the towns having population less than 1,00,000 where the sum of money equal to entertainment duty and ..... the commissioner of income-tax accordingly directed the income-tax officer to include the subsidy of ..... aggrieved by the order of the commissioner, the assessee filed and appeal before the income-tax appellate tribunal. ..... ), the hon'ble andhra pradesh high court in respect of sales-tax refund received by the assessee under a government order issued by the state government of andhra pradesh held that the payment would constitute the income of the assessee. ..... was received by the assessee from the government was not a capital receipt but a subsidy and, therefore, it was income liable to tax". .....

Asstt. Commissioner of Wealth Tax Vs. Smt. Mrunalinidevi Puar of Dhar

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD541Indore

..... manonmani reported in 245 itr 48 and after discussion various aspects of these provisions and different case law, hon'ble high court has opined as under: the assessable person under section 168 of the income tax act, 1961, is the executor. ..... the court observed (page 762) : "we have noted section 168 and sub sections (3) and (4) of the income-tax act, 1961. ..... to overcome this lacuna, certain sections in chapter xv were introduced in the income tax act 1961. ..... of the person dying intestate can also be subjected to administration, an administration is granted to the persons specified in relevant provisions of indian succession act.letters of administration as provided under indian succession act, entitle the administrator to all rights belonging to the intestate as effectually as if the administration has been granted, at the moment of his death and as per section 168 of income tax act, the reference in explanation to "...other person administering the estate of a deceased person" is intended to apply to those persons who are ..... the income tax act and wealth tax act, though operate in different field as the first deals with the income received or accrued throughout the assessment year, the other deals with net wealth as on valuation date, yet however does not make any significant difference to the interpretation of section 19a of wealth tax act as section 168 of the income tax act, in so far as the explanation attached to those provision which are worded in identical language or concerned .....

S.R. Kalani, Huf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1985)14ITD132Indore

..... aac has erred in holding that the order passed under section 143(3)/250 of the income-tax act, 1961 ('the act') by the learned ito is valid in law though the same was passed in pursuance of notice under section 148 of the act. ..... sons vijaykumar and narendrakumar the minors made deposits in different firms in which they had been admitted to the benefits of the partnership, is further contended that the minors have been assessed separately to income-tax and there is no denial that such incomes of the minors have reached them directly and not to the coffer of the huf. ..... owner was found to be a person other than the partner, or if the partner was acting in a capacity as a trustee or as the karta of a joint family, the income belonged either to the beneficiary or to the joint family, and assessment of that income in the hands of the joint family or the beneficiary was never a bar under the act and in fact courts have recognised this principle of taxing the income in the hands of the person to whom it belonged even though it arises in the hands ..... of some one else on the theory of representative capacity or overriding title.he also submitted that the fact that the gifts were accepted was neither conclusive nor did it debar an enquiry to be made by the department to trace the ultimate owner of income and even question .....

State Bank of Indore Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD209Indore

..... the only power the income-tax officer has in such cases is the power under the proviso to section 145(1) of the income-tax act, 1961 which permits him, on being satisfied that the method employed by the assessee is such that his income cannot be properly deducted therefrom, to compute his income upon such basis and in such a manner as he ..... have further held that carrying a certain amount which has accrued as interest without treating it as a bad debt or irrecoverable interest, but keeping it in a suspense account was repugnant to section 36(1)(vii) read with section 36(2) of the income-tax act, 1961. ..... further drawn our attention to section 17(1)(iv) of the income-tax act and submitted that the same analogy can he drawn while construing the charging sections of income-tax act. ..... our attention was also drawn to the provisions of section 28(4) of the income-tax act and it was submitted that after applying the same analogy, the subsidy received by the assessee cannot be included in the definition ..... counsel for the assessee submitted that the charging section of the income-tax act should be strictly construed. ..... the assessee has also filed two letters in which he has justified his claim of non-offering the export subsidy and interest on sticky loans to tax.the assessment order was passed on 6-1-1989 after assessment order passed under the income-tax act for the assessment year 1985-86 in which the claim of the assessee with regard to the interest on sticky loans was rejected by the assessing .....

Assistant Commissioner of Income Vs. Abril Pharmaceuticals (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2000)70ITD206Indore

..... wherein their lordships held as under: "the word "income" in clauses (c) and (iii) of section 271(1) of' the income tax act, 1961, refers to positive income only. ..... court interpreted that the word 'income' in clause (c) and (iii) of section 271(1) of the income tax act, 1961 refers to positive income only. ..... ) 187 itr 280 (mad), their lordships held, thus : "clause (iii) of section 271(1) of the income tax act, 1961, uses the words "amount of income'. ..... 951 (mp), their lordships have held, in the context of applicability of explanation 1 to section 271 inserted by the amending act of 1975 with effect from 1-4-1976 that explanations 1 to section 271 has cast a duty on the assessing officer that he should first record reasons that there has been concealment of' income and then the explanation is to be sought. ..... to observe further that section 4 of the act taxes income and not loss. ..... is no positive income on completion of assessment.the provisions of levy of additional tax under section 143(1a) and levy of penalty under section 271(1)(c) are at par and various courts have already held under both the provisions that no additional tax/ penalty can be levied unless there was positive income. ..... loans taken during the year it was submitted that most of them are old creditors and are directors or their relatives, who are income-tax payers and whose identity is established. ..... it may be stated that the explanation inserted in 1964 was omitted and 4 new explanations (1 to 4) were introduced with effect .....